Remarkable Growth: Ajman Real Estate Market in 2023

In 2023, Ajman’s real estate market experienced an unprecedented surge, marking a significant milestone in the Emirate’s economic landscape. According to the annual report released by the Ajman Department of Land and Real Estate Regulation, the year witnessed a remarkable 43% increase in property transactions compared to the previous year, reaching a total of 11,474 deals valued at over AED16.9 billion.

This substantial growth can be attributed to several factors, including Ajman’s targeted economic initiatives, visionary leadership, and conducive regulatory environment. Sheikh Abdulaziz bin Humaid Al Nuaimi, Chairman of the Department of Land and Real Estate Regulation, emphasized the effectiveness of these initiatives in driving the Emirate’s economic resilience and dynamism. He highlighted the pivotal role played by the real estate sector in achieving these milestones and laid out a promising outlook for sustainable economic development in the years ahead.

Engineer Omar bin Omair Al Muhairi, Director General of the Department of Lands and Real Estate Regulation, echoed these sentiments, underscoring the sound policy decisions and robust economic fundamentals that underpinned the record performance of the real estate market in 2023.

Delving into specifics, the report revealed that mortgage transactions amounted to AED4.8 billion, with notable activity in areas such as Al Rashidiya 1 and Al Yasmeen. The Emirate’s eastern sector emerged as a key driver of transactions, accounting for over AED3.9 billion in value.

The report also highlighted the burgeoning demand for properties in key neighborhoods such as Al Nakheel 2, Al Zahya, and Al Helio 2, as well as major projects like Emirates City, Ajman One, and City Towers. This surge in demand reflects Ajman’s evolution into a modern, integrated city, attracting residents seeking a secure and prosperous future.

Looking ahead, Ajman remains steadfast in its pursuit of integrated development, with strong collaboration among various stakeholders driving tangible progress across multiple fronts. The real estate sector, empowered by data-driven insights and streamlined registration processes, is poised to continue its upward trajectory, further solidifying Ajman’s position as a leading destination for sustainable investments.

As we reflect on the achievements of 2023, it’s evident that Ajman’s real estate market has not only weathered challenges but has also emerged stronger and more resilient, laying the foundation for a prosperous future built on innovation, collaboration, and sustainable growth.


Source: Wam

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